Ticketmaster clicking more red, yet revs up

Ticketing, Match.com, Citysearch doing well, CEO sez

By CARL DIORIO

HOLLYWOOD -- Ticketing-services giant Ticketmaster posted a broadened first-quarter loss of $119.7 million despite a 9% surge in revenue, due to an accounting charge, acquisition expenses and continuing startup costs in dot-com operations.

Red ink in the latest quarter compared with a loss of $39.6 million a year earlier.

Revenue totaled $185.9 million.

"We are pleased with the performance of each of our businesses," CEO John Pleasants said. "Ticketing saw its penetration of the Internet continue to grow, Match.com's performance underscored the growth potential and our leadership within this new online category, and Citysearch continued to ramp up its users base."

The Match.com dating-services unit acquired rival Netco Soulmates Technology during the quarter.

Ticketmaster marked a 2% uptick in revenue in core ticketing operations to $153.4 million. Online ticket revenue rose 25% to $62.2 million.

Overall, Ticketmaster sold 23.9 million tickets, 1.5% more than a year earlier.

The Los Angeles-based company, which operates as a subsid of Barry Diller's USA Networks, posted a $114.8 million impairment charge due to new accounting rules that took effect Jan. 1. The new rules eliminated amortization of good will and other intangible assets.

Ticketmaster released its results after the close of market trading, with shares tumbling $2.60, or 9%, to $25.54 on Tuesday. A spokesman said there were no corporate developments driving the selloff.